Mexico Unveils Oil Reforms To Lure Private Sector

Law360, New York (August 12, 2013, 7:05 PM EDT) -- Mexico’s president on Monday proposed sweeping reforms to the country’s 75-year monopoly over oil exploration and production, including allowing private companies to ink profit-sharing agreements with the state-owned oil company, but said ownership of oil and gas would remain in Mexican hands.

In an effort to attract additional investment in order to kick-start a sluggish oil and gas industry, President Enrique Pena Nieto proposed to amend the Mexican constitution in order to allow for profit-sharing agreements between private firms and Petroleos Mexicanos, commonly known as Pemex,...
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